Any Indiana tax experts? I've got a client who has a K-1 from a real estate partnership with a property in Indiana. The K-1 reflects a loss of ~$20k for Fed tax purposes. It's all passive and none of it is allowed. On the Indiana K-1 it shows an addback for bonus depreciation of $19k, so net loss in IN of $1k. Lacerte treats the $19k as taxable income to IN and the $20k as a passive loss carryover and thus they owe tax to IN. Does this sound right?
8-Sep-2022 4:16pm
